Category: Understanding Finance

Top 7 Budgeting Errors

A budget is a critical tool for all businesses. However, many budgets fall short of providing the financial guidance that managers and owners desperately need. Having prepared numerous budgets, I ‘ve discovered first hand the pitfalls and key requirements of creating a viable budget. The budgeting mistakes most commonly made include: Underestimating the cost of

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Audit your Audit

I routinely provide payroll information for worker’s compensation audits for my clients, however, I am not always the one who gets the final bill. This last week I did get a bill for one of my clients for whom I had filled out the audit paperwork. The second I looked at it, I knew it

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Smart Quickbooks Tip: Bank account colors

If you use multiple bank accounts, you can change the colors so you don’t accidentally use the wrong account. You can also do it just to soften the effect on your eyes or select your favorite color. How: Click “Banking”-> “Use Register” and then click “edit” (at the top of the screen) and “change account

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Successful Cash Flow Control

Managing cash in today’s economy is essential to business success. Cash flow is vital but how to control it? Here are some simple tips to help you manage your cash flow a little better. 1. If you extend credit, be sure to monitor accounts receivable regularly. Have a person who is dedicated to watching the

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Social Security Tax Reduction Starts January 1, 2011.

Your employees will start taking home more pay with their first paycheck of 2011 thanks to the Tax Relief Act of 2010.  For 2011 only, the employee portion of social security tax will be reduced by 2% to 4.2%.  This could add up to a tax savings of up to $2136 per worker. Employers will

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Nevada Unemployment Insurance costs to rise

Employers will pay more unemployment insurance taxes in 2011. To cover the shortfall in Nevada’s unemployment fund Nevada employers will get a little surprise in January. According to an article in the Nevada Appeal, “Through the end of September this year, the state collected $570 million from employers but paid out $1.8 billion.”  This means

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Expanded 1099-MISC Reporting Starting in 2011 for Rental Property Owners

Starting in 2011, owners of rental property will need to begin issuing 1099 forms for payments relating to their properties. A 1099 form is required if the property owner makes payments of  $600 or more to unincorporated individuals or businesses for services such as landscaping, repairs and painting. Property owners need to start tracking these

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Tsunami of Paperwork to Hit Businesses in 2012. Are You Ready?

The new health care law, known as the Patient Protection and Affordable Care Act (PPACA) includes sweeping new changes to 1099 requirements.  Every business owner will be required to send a 1099 for purchases of products or services of $600 or more in one year, from any company or individual.  Currently the law only requires

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Still Using a Traditional Fax Machine?

Did you know that Scottish inventor Alexander Bain received the first patent for a fax machine in 1843? According to About.com the first fax was actually sent over telegraph wires in 1860 from Paris. While technology has advanced, the theory is still the same, sending words and images over a telephone line or radio broadcast.

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Major Tax Credit to Expire Soon.

Since the HIRE act will expire December 31, 2010,  now is a great time for businesses to save on payroll taxes and recruit some good talent.  If an employer hires a new employee between March 19 – December 31 and that employee had been previously unemployed, the employer qualifies for a Federal payroll tax exemption

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